Shaker Group’s H1 net profit falls 31%

26/07/2016 Argaam Exclusive

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 75 million for the first half of 2016, a 30.6 percent year-on-year (YoY) decline mainly attributed to lower sales volumes, higher marketing and distribution expenses, and a decline in the company’s profit share from associates.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	1,069.69	928.83	(13.2 %)
Gross Income	259.09	234.06	(9.7 %)
Operating Income	86.09	60.52	(29.7 %)
Net Income	108.16	74.99	(30.7 %)
Average Shares	48.23	48.23	-
EPS (Riyals)	2.24	1.55	(30.7 %)

The company’s second-quarter net profit fell 42 percent YoY to SAR 48 million, hurt by a decrease in sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	643.25	533.76	(17.0 %)
Gross Income	160.77	135.40	(15.8 %)
Operating Income	61.59	37.88	(38.5 %)
Net Income	82.01	47.00	(42.7 %)
Average Shares	48.23	48.23	-
EPS (Riyals)	1.70	0.97	(42.7 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	395.07	533.76	35.1 %
Gross Income	98.66	135.40	37.2 %
Operating Income	22.63	37.88	67.4 %
Net Income	27.98	47.00	68.0 %
Average Shares	48.23	48.23	-
EPS (Riyals)	0.58	0.97	68.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	750.05	16.5 %	185.39	18.2 %	78.10	27.5 %	2.60
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	2.14
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	295.04	-	107.56	-	53.86	-	1.12
Q4 2009	182.11	-	55.64	-	11.66	-	0.24
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.75
Q1 2010	224.35	-	69.71	-	19.29	-	0.40
Q2 2010	350.76	-	125.41	-	58.33	-	1.21
Q3 2010	336.54	14.1 %	108.56	0.9 %	46.57	(13.5 %)	0.97
Q4 2010	244.09	34.0 %	83.14	49.4 %	21.04	80.5 %	0.44
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	3.01
Q1 2011	323.04	44.0 %	94.51	35.6 %	33.61	74.2 %	0.70
Q2 2011	556.37	58.6 %	166.27	32.6 %	73.63	26.2 %	1.53
Q3 2011	413.68	22.9 %	130.54	20.2 %	54.98	18.0 %	1.14
Q4 2011	273.08	11.9 %	75.31	(9.4 %)	18.00	(14.5 %)	0.37
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.74
Q1 2012	375.87	16.4 %	114.07	20.7 %	40.03	19.1 %	0.83
Q2 2012	590.87	6.2 %	184.87	11.2 %	82.96	12.7 %	1.72
Q3 2012	455.98	10.2 %	138.15	5.8 %	58.41	6.2 %	1.21
Q4 2012	315.19	15.4 %	82.60	9.7 %	6.24	(65.3 %)	0.13
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.89
Q1 2013	458.30	21.9 %	147.64	29.4 %	49.79	24.4 %	1.03
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	74.94	(9.7 %)	1.55
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	31.35	(46.3 %)	0.65
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(30.98)	(596.3 %)	(0.64)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.59
Q1 2014	312.18	(31.9 %)	70.03	(52.6 %)	20.62	(58.6 %)	0.43
Q2 2014	484.41	(8.0 %)	131.43	(4.8 %)	382.45	410.4 %	7.93
Q3 2014	408.05	3.6 %	110.81	19.2 %	43.78	39.7 %	0.91
Q4 2014	352.02	10.5 %	73.75	178.0 %	(9.95)	67.9 %	(0.21)
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	9.06
Q1 2015	426.44	36.6 %	98.32	40.4 %	26.16	26.9 %	0.54
Q2 2015	643.25	32.8 %	160.77	22.3 %	82.01	(78.6 %)	1.70
Q3 2015	442.12	8.4 %	115.78	4.5 %	46.22	5.6 %	0.96
Q4 2015	374.72	6.4 %	60.00	(18.6 %)	(17.84)	(79.4 %)	(0.37)
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.83
Q1 2016	395.07	(7.4 %)	98.66	0.3 %	27.98	7.0 %	0.58
Q2 2016	533.76	(17.0 %)	135.40	(15.8 %)	47.00	(42.7 %)	0.97

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	644.06	-	156.90	-	61.26	-	2.04
2007	750.05	16.5 %	185.39	18.2 %	78.10	27.5 %	2.60
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	2.14
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.75
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	3.01
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.74
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.89
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.59
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	9.06
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.83

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	24.72 %	11.73 %	10.41 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	26.64 %	12.88 %	11.23 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	31.30 %	16.36 %	13.28 %
Q1 2010	-	-	-
Q2 2010	34.05 %	18.02 %	13.60 %
Q3 2010	32.85 %	16.68 %	12.42 %
Q4 2010	33.47 %	17.08 %	12.57 %
2010	33.47 %	17.08 %	12.57 %
Q1 2011	32.81 %	16.63 %	12.72 %
Q2 2011	30.99 %	15.60 %	11.98 %
Q3 2011	30.87 %	15.80 %	11.92 %
Q4 2011	29.79 %	15.28 %	11.51 %
2011	29.79 %	15.28 %	11.51 %
Q1 2012	30.03 %	15.61 %	11.53 %
Q2 2012	30.53 %	16.33 %	11.85 %
Q3 2012	30.22 %	16.41 %	11.76 %
Q4 2012	29.90 %	15.56 %	10.80 %
2012	29.90 %	15.56 %	10.80 %
Q1 2013	30.39 %	16.12 %	10.84 %
Q2 2013	28.83 %	14.07 %	8.79 %
Q3 2013	27.22 %	11.54 %	6.84 %
Q4 2013	23.87 %	8.62 %	3.84 %
2013	22.21 %	7.33 %	2.43 %
Q1 2014	21.12 %	5.30 %	0.50 %
Q2 2014	21.27 %	5.27 %	(0.03 %)
Q3 2014	22.24 %	6.12 %	1.53 %
Q4 2014	24.80 %	7.85 %	4.90 %
2014	24.80 %	7.85 %	4.90 %
Q1 2015	24.80 %	7.89 %	6.65 %
Q2 2015	24.25 %	7.33 %	8.82 %
Q3 2015	24.07 %	6.57 %	8.79 %
Q4 2015	23.05 %	5.56 %	7.28 %
2015	23.05 %	5.56 %	7.28 %
Q1 2016	23.46 %	5.60 %	7.46 %
Q2 2016	23.48 %	4.67 %	5.76 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	24.36 %	11.32 %	9.51 %
2007	24.72 %	11.73 %	10.41 %
2008	26.64 %	12.88 %	11.23 %
2009	31.30 %	16.36 %	13.28 %
2010	33.47 %	17.08 %	12.57 %
2011	29.79 %	15.28 %	11.51 %
2012	29.90 %	15.56 %	10.80 %
2013	22.21 %	7.33 %	2.43 %
2014	24.80 %	7.85 %	4.90 %
2015	23.05 %	5.56 %	7.28 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	36.46 %	-	18.26 %
Q4 2009	30.55 %	9.08 %	6.40 %
Q1 2010	31.07 %	15.29 %	8.60 %
Q2 2010	35.75 %	21.26 %	16.63 %
Q3 2010	32.26 %	16.96 %	13.84 %
Q4 2010	34.06 %	12.87 %	8.62 %
Q1 2011	29.26 %	14.09 %	10.40 %
Q2 2011	29.89 %	16.86 %	13.23 %
Q3 2011	31.56 %	17.44 %	13.29 %
Q4 2011	27.58 %	10.21 %	6.59 %
Q1 2012	30.35 %	15.68 %	10.65 %
Q2 2012	31.29 %	18.80 %	14.04 %
Q3 2012	30.30 %	17.61 %	12.81 %
Q4 2012	26.21 %	6.36 %	1.98 %
Q1 2013	32.21 %	17.88 %	10.86 %
Q2 2013	26.20 %	12.31 %	7.56 %
Q3 2013	23.60 %	7.27 %	5.08 %
Q4 2013	8.33 %	(9.16 %)	(13.96 %)
Q1 2014	22.43 %	5.73 %	(2.47 %)
Q2 2014	27.13 %	12.83 %	6.54 %
Q3 2014	27.16 %	10.39 %	10.73 %
Q4 2014	20.95 %	(0.09 %)	2.43 %
Q1 2015	23.06 %	6.46 %	6.33 %
Q2 2015	24.99 %	10.03 %	12.75 %
Q3 2015	26.19 %	6.96 %	10.45 %
Q4 2015	16.01 %	(4.78 %)	(4.76 %)
Q1 2016	24.97 %	6.69 %	7.08 %
Q2 2016	25.37 %	7.91 %	8.28 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	48.23	-	-	7.70
Q4 2009	48.23	-	-	7.94
Q1 2010	48.23	-	-	8.34
Q2 2010	48.23	2.97	2.97	9.55
Q3 2010	48.23	2.82	2.82	10.51
Q4 2010	48.23	3.01	3.01	8.77
Q1 2011	48.23	3.31	3.31	9.47
Q2 2011	48.23	3.63	3.63	10.99
Q3 2011	48.23	3.80	3.80	12.13
Q4 2011	48.23	3.74	3.74	9.97
Q1 2012	48.23	3.87	3.87	10.80
Q2 2012	48.23	4.06	4.06	12.52
Q3 2012	48.23	4.13	4.13	13.73
Q4 2012	48.23	3.89	3.89	10.96
Q1 2013	48.23	4.09	4.09	11.99
Q2 2013	48.23	3.93	3.20	13.54
Q3 2013	48.23	3.37	2.40	14.19
Q4 2013	48.23	2.59	1.35	13.55
Q1 2014	48.23	1.99	0.16	13.98
Q2 2014	48.23	8.36	(0.01)	20.09
Q3 2014	48.23	8.62	0.48	21.00
Q4 2014	48.23	9.06	1.58	18.98
Q1 2015	48.23	9.17	2.30	19.31
Q2 2015	48.23	2.94	3.35	21.22
Q3 2015	48.23	2.99	3.40	22.18
Q4 2015	48.23	2.83	2.85	21.81
Q1 2016	48.23	2.87	2.87	22.18
Q2 2016	48.23	2.14	2.08	23.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	30.00	2.04	2.04	5.20
2007	30.00	2.60	2.60	7.69
2008	48.23	2.14	2.14	7.62
2009	48.23	2.75	2.75	7.94
2010	48.23	3.01	3.01	8.77
2011	48.23	3.74	3.74	9.97
2012	48.23	3.89	3.89	10.96
2013	48.23	2.59	0.82	13.55
2014	48.23	9.06	1.58	18.98
2015	48.23	2.83	2.85	21.81

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	14.18	14.18	4.41
Q3 2010	17.91	17.91	4.80
Q4 2010	14.64	14.64	5.03
Q1 2011	11.79	11.79	4.12
Q2 2011	13.46	13.46	4.44
Q3 2011	12.23	12.23	3.83
Q4 2011	11.90	11.90	4.46
Q1 2012	13.08	13.08	4.69
Q2 2012	12.77	12.77	4.15
Q3 2012	12.20	12.20	3.67
Q4 2012	12.03	12.03	4.27
Q1 2013	12.50	12.50	4.27
Q2 2013	14.97	18.38	4.34
Q3 2013	17.47	24.47	4.14
Q4 2013	19.52	37.45	3.74
Q1 2014	30.19	More than 50	4.30
Q2 2014	6.61	NEG	2.75
Q3 2014	7.36	More than 50	3.02
Q4 2014	4.79	27.44	2.29
Q1 2015	6.26	24.94	2.97
Q2 2015	18.47	16.25	2.56
Q3 2015	14.86	13.10	2.01
Q4 2015	13.07	12.99	1.70
Q1 2016	10.80	10.80	1.40
Q2 2016	14.86	15.27	1.38

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	14.64	14.64	5.03
2011	11.90	11.90	4.46
2012	12.03	12.03	4.27
2013	19.52	More than 50	3.74
2014	4.79	27.44	2.29
2015	13.07	12.99	1.70

Business Segments (Million)

Compared With The

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
Q1 2010	-	-	-	178.77	45.58
Q2 2010	-	-	-	298.73	52.03
Q3 2010	-	-	-	277.14	59.40
Q4 2010	-	-	-	200.83	43.26
Q1 2011	-	-	-	269.90	53.13
Q2 2011	-	-	-	468.10	88.27
Q3 2011	-	-	-	344.15	69.53
Q4 2011	-	-	-	215.53	57.56
Q1 2012	-	-	-	291.10	84.77
Q2 2012	-	-	-	499.14	91.73
Q3 2012	-	-	-	375.26	80.72
Q4 2012	-	-	-	247.69	67.51
Q1 2013	-	-	-	379.58	78.72
Q2 2013	-	-	-	355.32	109.30
Q3 2013	-	-	-	314.42	79.40
Q4 2013	-	-	-	240.71	77.73
Q1 2014	-	-	-	246.01	66.17
Q2 2014	-	-	-	417.85	66.56
Q3 2014	-	-	-	348.47	59.58
Q4 2014	-	-	-	117.32	234.71
Q1 2015	-	-	-	341.04	85.39
Q2 2015	-	-	-	523.13	120.12
Q3 2015	-	-	-	359.40	82.73
Q4 2015	-	-	-	278.73	95.99
Q1 2016	273.05	118.40	3.63	-	-
Q2 2016	389.18	139.57	5.01	-	-

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
2009	-	-	-	828.57	169.12
2010	-	-	-	955.46	200.27
2011	-	-	-	1,297.68	268.48
2012	-	-	-	1,413.19	324.73
2013	-	-	-	1,290.03	345.15
2014	-	-	-	1,129.65	427.01
2015	-	-	-	1,502.30	384.23

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	73.00	47.00	(35.6 %)

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
SNB Capital	55.00	47.00	(14.5) %
Al Rajhi Capital	91.00	47.00	(48.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,538.54
Enterprise Value (EV) (M)	1,887.86
Shares Outstanding ((M))	48.23
EPS ( Riyal) (TTM)	1.43
Book Value (BV) ( Riyal)	15.54
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.11
P/E (TTM)	22.33
Price/book	2.05
Return on Average Assets (%) (TTM)	4.0
Return on Average Equity (%) (TTM)	9.6

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Shaker Group’s H1 net profit falls 31%

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Shaker Group’s H1 net profit falls 31%

View other reports

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)